Shares in listed Australian McGrath Limited took a sudden dive on Monday after it was revealed that the company’s founder and prominent real estate figure, John McGrath has a multi-million-dollar online gambling debt.
Fairfax Media revealed that McGrath, the real estate giant’s soon-to-be executive chairman, has a $16 million debt to William Hill Australia, the online betting business led by prominent bookmaker Tom Waterhouse.
“This would be the biggest debt ever in gambling history by a single person to a single company in Australia,” said one industry insider.
For his part McGrath, 54, has previously denied having any gambling debts.
Read more here
Join us in Bangkok from the 28th of February to the 1st of March for the 22nd Property Portal Watch Conference. The theme for this year is The Future of Online Real Estate Marketing – Getting Closer to the Transaction.